Mumbai (Maharashtra) [India], November 21 (ANI): In a rebound from a two-day dropping streak, the Indian stock market showcased resilience on Tuesday, fuelled by constructive international cues.
The Sensex surged by 275.62 factors, closing at 65,930.77, whereas the Nifty gained 89.40 factors, settling at 19,789.40.
Sector-wise, the pharma, realty, and metallic indices led with a 1 per cent improve, whereas the oilgas and capital items sectors skilled a 0.5 per cent decline.
The BSE Midcap and smallcap indices posted marginal positive factors, indicating a broader market restoration.
In the NSE Nifty, notable gainers included SBI Life Insurance, HDFC Life Insurance, Adani Enterprises, Hindalco Industries, and JSW Steel.
Conversely, Coal India, ONGC, BPCL, Tech Mahindra, and LTIM emerged as the highest losers.
Varun Aggarwal, founder and managing director, Profit Idea, stated “Elsewhere in Asia, stocks advanced on the back of Wall Street’s positive momentum. A USD 16 billion sale of 20-year Treasuries attracted bond buyers, contributing to the overall market optimism. Notably, tech stocks, led by Microsoft’s recruitment of former OpenAI CEO Sam Altman and other AI executives, outperformed”.
Aggarwal added, “The yen strengthened against the US dollar for the fourth consecutive session as investors anticipated potential tightening of monetary policy by the Bank of Japan next year, while the Federal Reserve may adopt a more accommodative stance. The dollar reached its lowest level since mid-September against the yen, closing 0.61 per cent lower at 147.45”.
The constructive momentum in Asian markets mirrored Wall Street’s upbeat efficiency.
A USD 16 billion sale of 20-year Treasuries attracted bond patrons, contributing to the general market optimism.
Tech shares, significantly boosted by Microsoft’s recruitment of AI executives, outperformed.
Aggarwal, “We remain positively biased on the Indian economy for the medium term. Short-term support on Nifty lies at 18837 and major support lies at 18468-18134. Huge OI at 19800 CE levels. Traders should look to trade with risk-defined strategies. On the downside, crucial support lies at 19300-19000 OI levels. Nifty has shifted in a broader range of 19800-19300 levels. The medium-term target of Nifty remains at 20466-21234-21410”.
“Volatility is expected to continue. Expect India to outperform global markets. We expect a lot of inflows coming in Indian Markets. SIPs have been on the rise every month and a lot of money is available with fund managers to park if a dip comes. Investors should utilise this opportunity for the medium term to accumulate quality mid and small-cap stocks. We expect IT, Banking, Pharma, FMCG, Petrochemicals, Metals sector to do good”, he added.
In the forex market, the yen strengthened towards the US dollar for the fourth consecutive session, reflecting anticipation of potential tightening by the Bank of Japan subsequent yr.
The dollar index, gauging the buck towards six different currencies, touched its lowest level since late August at 103.17, closing 0.13 per cent decrease at 103.32.
Despite ongoing volatility, the Indian financial system stays positively poised for the medium time period. The short-term help on Nifty is recognized at 18,837, with main help ranging between 18,468 and 18,134.
Market analysts counsel cautious buying and selling, significantly given the substantial Open Interest (OI) at 19,800 CE ranges. A broader vary for Nifty is noticed between 19,800 and 19,300 ranges.
The medium-term goal for Nifty is about at 20,466-21,234-21,410.
Amid ongoing volatility, India is anticipated to outperform international markets, with expectations of elevated inflows.
Systematic Investment Plans (SIPs) have been on the rise, and fund managers are well-equipped to capitalize on market dips.
Investors are inspired to grab this chance for medium-term accumulation of high quality mid and small-cap shares.
The IT, banking, pharma, FMCG, petrochemicals, and metals sectors are anticipated to carry out nicely, in response to market projections. (ANI)